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understand that the chinese government may potentially extend the lifetimes for the licences granted to toll road operators in china. intuitively, I'd think this would increase valuations since the FCF expected from the toll roads would increase given the longer operating life spans of each toll roads. Source at: http://www.bloomberg.com/news/articles/2...for-growth
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I tracked back to 2004 when HJ first emerged in CMP post a restructuring into a toll road business.

Including the outstanding S$600m preferential offer, we can expect HJ to remain firmly committed to CMP course of expansion in China's toll road industry.



(01-08-2015, 09:43 AM)Nick Wrote: [ -> ]
(01-08-2015, 08:35 AM)BlueKelah Wrote: [ -> ]From our VB at valueedge
China Merchants Holdings Pacific: A Lesson on Negative Dividend Yields

[Everyone loves a dividend paying stock, but there are other factors to look out for besides a simple dividend yield figure when it comes to dividend investing. Today, we use a seemingly high dividend yielding stock like China Merchants Holdings Pacific (CMHP) to illustrate what we call negative dividend yield.]


[All in all, not a palatable model for a conservative value investor.]

That argument would be valid if equity was raised from existing minority investors like in the cases of most REITs i.e. coughing back the dividend. Usually seen in companies with unsustainable capital models.

At no point this was done in CMP history, so I fail to see how the placements to new investors resulted in a negative return to existing investors. There is a difference between dilution of percentage of the stake and dilution of value of the stake. While the former did occur, the latter has yet to arise. Dividends has actually increased over the years implying the value of the stake of existing investors has appreciated.
Sorry buddies,

Due to overwhelming mkt conditions, I overlooked 1 conversion on 14 August and will consolidate 2 conversions as follows. Note that the conversion of HK$86m CBs today appeared to be the largest single day conversion:

CHINA MERCHANTS HOLDINGS (PACIFIC) LIMITED
(Incorporated in the Republic of Singapore)
Company Registration No. 198101278D
ANNOUNCEMENT
CONVERTIBLE BONDS DUE 2017 -
CANCELLATION OF BONDS DUE TO CONVERSION
The board of directors (the “Board”) of China Merchants Holdings (Pacific) Limited (the “Company”) wishes to announce that HK$4,000,000 in aggregate principal amount of HK$1,163,000,000 1.25 per cent. convertible bonds due 2017 (credit enhanced until 2015) (the “Convertible Bonds”) have been converted and cancelled pursuant to the exercise of conversion rights by the holder thereof (the “Conversion”). Accordingly, following such conversion and cancellation, the aggregate principal amount of the Convertible Bonds remaining outstanding as of 14 August 2015 is HK$466,000,000.
Arising from such conversion, 813,663 new ordinary shares in the capital of the Company (“Shares”) have been issued at the conversion price of S$0.776 and the total number of issued and paid-up Shares of the Company has increased to 1,170,515,589.
BY ORDER OF THE BOARD
Lim Lay Hoon
Company Secretary
Singapore, 14 August 2015

CHINA MERCHANTS HOLDINGS (PACIFIC) LIMITED
(Incorporated in the Republic of Singapore)
Company Registration No. 198101278D
ANNOUNCEMENT
CONVERTIBLE BONDS DUE 2017 -
CANCELLATION OF BONDS DUE TO CONVERSION
The board of directors (the “Board”) of China Merchants Holdings (Pacific) Limited (the “Company”) wishes to announce that HK$86,000,000 in aggregate principal amount of HK$1,163,000,000 1.25 per cent. convertible bonds due 2017 (credit enhanced until 2015) (the “Convertible Bonds”) have been converted and cancelled pursuant to the exercise of conversion rights by the holder thereof (the “Conversion”). Accordingly, following such conversion and cancellation, the aggregate principal amount of the Convertible Bonds remaining outstanding as of 19 August 2015 is HK$380,000,000.
Arising from such conversion, 17,493,763 new ordinary shares in the capital of the Company (“Shares”) have been issued at the conversion price of S$0.776 and the total number of issued and paid-up Shares of the Company has increased to 1,188,009,352.
BY ORDER OF THE BOARD
Lim Lay Hoon
Company Secretary
Singapore, 19 August 2015

Based on outstanding HK$380m worth of CBs, the potential shares to be converted at $0.776 is 77.298m.
http://infopub.sgx.com/Apps?A=COW_CorpAn...cement.pdf

Revisiting the terms of the PO:

Seems like China Merchant HJ is likely to end up with 100% of the eventual size of the PO unless SGX rejects the issue as there is already a shareholder mandate in place...

6. APPROVALS
6.1 Listing Approval. The Preferential Offering is subject to, inter alia, the Company obtaining AIP from the SGX-ST for the dealing in, listing of and quotation for the New Shares on the Mainboard of the SGX-ST. An application will be made by the Company to obtain AIP from the SGX-ST for the dealing in, listing of and quotation for the New Shares on the Mainboard of the SGX-ST.
6.2 Share Issue Mandate. The issue of the New Shares is proposed to be made pursuant to the authority granted by, and the share issue mandate approved by, Shareholders at the Company’s Annual General Meeting held on 30 April 2015 (the “Share Issue Mandate”). Pursuant to the Share Issue Mandate, the Directors are authorised and empowered to, inter alia, issue Shares by way of an issue of Shares on a pro-rata basis to Shareholders at any time and upon such terms and conditions and for such purposes and to such persons as the Directors may in their absolute discretion deem fit, provided that the aggregate number of Shares to be issued pursuant to the Share Issue Mandate shall not exceed 50 per cent. of the total number of issued Shares as at the time of the passing of the Share Issue Mandate, after adjusting for (a) new Shares arising from the conversion or exercise of any convertible securities, (b) new Shares arising from exercising share options or vesting of share awards
20
which are outstanding or subsisting at the time of the passing of the Share Issue Mandate and © any subsequent bonus issue, consolidation or subdivision of Shares. Accordingly, as the number of new Shares to be issued pursuant to the Preferential Offering falls within such limit of the Share Issue Mandate, the Company will not be seeking specific approval from Shareholders for the Preferential Offering.

(31-07-2015, 09:10 AM)greengiraffe Wrote: [ -> ]I already expected this question...

They are basically instilling confidence by their under-taking...

Of course, that will be dependent on their views on CMP and if you share their confidence...

To me, non renounceable, non under-written means that they have a low costs funding exercise - perhaps can save as much as 1.5% investment banker fees and hence their commitment to mop up everything @ $1.00 which is a 1.5% discount.

CM HJ came up with the deal, they are taking up every share... nothing more that I can ask.

My speculative view is as follows:

i) CCP is undertaking one of the most controversial and tedious exercise in middle kingdom's financial market history. There are so many that can't wait for them to implode.

ii) I remain confident that CCP given time will stabilise the capital markets.

iii) CM HJ's move is inline with the big picture strategies. In the very likely event, they will end up with a high stake in CMP again possibly close to 80% (yet to calculate). In the same spirit, Liu Qiang - vendor of Honest Queen (Jiurui) will be holding on to his remaining stake even post moratorium.

iv) At the right time, CM HJ will dilute its stake on HKSE via whatever method to satisfy investors' demand there and then.

CMP's interims y'day has somewhat mitigated fears of China's widely reported slowdown and its impact on traffic volumes. YTW's growth remains very strong in mid teens. Beilun turned in some surprise growth notwithstanding construction works for expansion and while Jiurui appears an expensive acquisition currently is still a post 2017 growth story.

The pending acquisitions will open up a new virgin ground for CMP - also inline with CCP's plans for the inner west...

Whilst this is an unexpected diversion due to unforeseen circumstances, its remains part of the very strong backing script.

GG

(31-07-2015, 08:57 AM)Bibi Wrote: [ -> ]Interesting. For knowledge sake, can i ask, does it make more sense to buy from open market now if one does not wants his holdings to be diluted instead of subscribing to the new shares? Buying now also entitled to the 3.5 cts dividends.
《收费公路管理条例》结束征求民意 离长期收费更近一步?

《收费公路管理条例》今日正式结束公开征求意见,高速公路离“长期收费”更近一步?

一个月前,7月21日,交通运输部就《收费公路管理条例》(修订征求意见稿),向社会公开征求意见。征求意见稿提出,政府收费公路中的高速公路不再规定具体的收费期限,以实际偿债期为准,确定收费期限,债务偿清后将实行养护管理收费。这意味着高速公路将长期收费,网友质疑其将成“永久提款机”。

此前,交通运输部6月30日公布的数据显示,2014年全国收费公路亏损1571.1亿元。这一数字比2013年翻了约2.4倍。除西藏、海南两省区没有收费公路外,其他29个省区市中25个省份出现不同程度的亏损,仅安徽、广东、浙江、上海四地出现盈余。

去年年底,山东省政府作出“15条还贷公路到期后继续收费”的决定,称2013年,山东省内政府还贷公路亏损了138亿元。据媒体统计,过去10年间,山东高速[3.16% 资金 研报]的净利润总额累计达到137亿元;50%以上的毛利率,也远超公司内部的其他板块。

一边是收费公路亏损和债务不断扩大,一边是民众的疑惑和不解与日俱增。不少网友提出,“为何收费并不便宜,还依然亏损?钱去哪里了?”

《人民日报》曾发文5问收费为何延长期限,现行《条例》规定,政府还贷公路和经营性公路的收费期限分别为最长不得超过15年和25年,中西部最长不得超过20年和30年。根据这一规定,收费还有期限,为何现在要改成“直至偿清债务”?养护期还要收费的依据何在?为何实行统借统还,将一省之内的高速公路打包处理?

一问:

巨额亏损从何而来?

资金需求巨大,银行贷款成为主要资金来源,加之建设速度加快,积累了高额债务

“印钞机”“车轮一响,黄金万两”……有人说收费公路是一本万利的暴利行业,事实果真如此吗?

“确实有一些建成较早、成本较低、位置较好的高速公路是盈利的,且利润率较高,但高速公路‘贫富不均’,整体上肯定是亏损的。”交通部管理干部学院教授张柱庭说。数据显示,2014年我国收费公路收支缺口高达1571.1亿元,此前三年分别为323亿元、566亿元、661亿元。

巨额亏损从何而来?交通运输部公路局副局长王太认为,原因包括正常还债阶段还本付息支出增长,以及债务规模的不断增加:到去年底,全国收费公路债务余额高达3.8万多亿元。而债务规模大,则与收费公路资金需求巨大及“贷款修路”的资金筹集方式密不可分。

——公路特别是高速路成本高,资金需求大。

去年,我国四车道高速公路平均造价为7700万元/公里,是2000年的2.4倍、2004年的1.83倍。“上世纪90年代,一些路段成本仅需1000多万元/公里,前不久新建的京台高速,成本高达3.6亿元/公里。”交通部规划院战略所所长徐丽说,高速路成本升高除因原材料、人工成本上涨外,还受征地拆迁费用上升,以及因地形所限需修大量桥梁、隧道、高架桥等因素影响。

——高速公路建设资金大头来自银行贷款。

据统计,现有16.26万公里收费公路累计建设投资为6.15万亿元,以银行贷款为主的债务性资金占七成,且银行商业贷款对高速路这样的基础设施建设一般无利率优惠。“日本通过发债筹集资金,有的利息只有0.78%,而我们的融资成本一般在6%—7%。”国家行政学院教授王伟说。

——公路建设加快。

王太认为,债务规模大也由于我国加快了公路建设:2010年,收费公路收支基本平衡;2011年至2014年,新增收费高速公路里程占总里程的31.1%,债务余额占债务总余额的45.6%。

收费公路亏损,除债务规模大这一主因外,也不能忽视其他因素:个别企业严重超编,推高了用人成本、降低了运营效率;有的企业发放高额福利,甚至将资金建设楼堂馆所;有的高速路建设环节层层转包,或控制成本不力,导致超支等。“未来,应加强对收费公路机构编制、财务支出的控制,并引入第三方评价评估机构,对其技术状况、服务质量等作出客观独立的结论。”交通部公路研究院党委书记杨文银说。

二问:

高速公路是否建得过多过快?

部分地方高速路存在规划随意调整、过度建设问题

债务高企,亏损扩大,自然会带来这样的疑问:欠了这么多债,为何还要修高速?高速路建得过多过快了吗?

根据《国家公路网规划》,到2030年,我国将建成约13.6万公里国家高速公路网。“目前已完成8.7万公里,一些大通道还未完全贯通,另有一些早期通车路段急需扩容。”交通运输部规划司副司长任锦雄表示,该规划综合考虑了全国的政治、经济、文化、社会、军事等因素,“尽管近几年建设速度有所加快,但推进还算稳步。”

值得注意的是,除国家高速公路网外,各省也有各自的地方高速公路网规划。“国高”有序推进,一些“地高”却可能存在过度建设。

“过去,一些省份片面追求GDP,把修建高速路作为推动经济发展乃至提高政绩的手段,而不管有无车流,更不考虑如何还本付息。”北京交通大学教授赵坚表示,一些省份在错误理念的指导下,“编制过于宏伟的规划,有的甚至不切实际地提出‘县县通高速’。”在赵坚看来,若某地长期内出行需求不足,完全可以修成低等级的普通公路,成本能低至少一半。

“有些路段修成一级、二级就够了,但却修成了高速。”徐丽分析,其背后原因主要在于融资模式:修建一级、二级公路,需地方财政全部埋单;而修建高速,地方只需出一部分资本金,大头为银行贷款。

徐丽建议,未来必须增强规划的严肃性,将建设与财政能力、资金解决方案统筹考虑,不然就可能埋下债务风险的隐患。

不过,另一个不容否定的因素是:交通在经济社会发展全局中起先行作用。“交通肯定得适度先行,但要超前到什么程度,太难把握了。”张柱庭举例说,当年修建京津唐高速路时,本预计起初几年没什么车,结果刚开通就陷入拥堵。再者,道路建得越早造价越低,越往后成本就越高,“这是个悖论,很值得研究。”

三问:

亏损如何控制?

通过“开源节流”的方式缓解收支缺口,“开源”就包括调整收费期限和标准

未来,债务规模和亏损巨大的问题能解决吗?

可以肯定的是,债务规模将随着财税体制改革得以逐步缩小。根据《国务院关于加强地方政府性债务管理的意见》(下简称“43号文”),收费公路建设要从“借贷”变为“举债”。同时,国家将对地方债务实行规模控制。“《修订稿》将对防止地方盲目建设、债务‘滚雪球’起到积极作用。”张柱庭说。

那么,一些地方政府的不合理冲动被束缚后,是否会影响建设进度?“肯定有影响,速度降一点是合理的。”张柱庭表示,《修订稿》明确要通过特许经营吸引社会资本,“若企业能真正参与进来,又会对建设产生促进作用。”

“现阶段,尽管收支缺口很难消除,但可通过‘开源节流’缓解缺口扩大。”王太所说的“节流”之举瞄准了巨额亏损的症结,包括控制规划,降低建设、养护运营、融资等成本。“公路建设应严格依照公路网规划实施,不得随意调整规划,增加规划外的公路建设项目。未来,收费公路将以高速公路为主,占公路总里程的比例将从3.6%降至3%左右”,王太说。

开源方面,王太列出三条举措:加大财政投入、吸引社会资本、调整收费期限和标准。这其中的第三条,就成为条例修订的关键。

四问:

收费期限为何延长?

用路者付费原则比全民付费更加公平,且目前车购税、燃油税远难满足公路建设养护实际需求

“任何国家都没有真正意义的免费公路。”王伟表示,全球公路交通资金来源大致有两种:一种由财政负担,资金来自税收;另一种由道路使用者负担。“‘谁用路、谁受益、谁付费’的用路者付费原则更好体现了公平。”

抛开公平性的问题,在收费与收税间做选择,还应考虑具体国情和当前财政保障能力。

据介绍,目前我国车购税主要用于公路建设,包括高速公路建设资本金补助、农村公路建设、国省道改造等;而2009年起开征的燃油税则用于普通公路养护等方面。需要澄清的一点是,“车购税、燃油税、高速路通行费三者支出范围并不一样,没有重复收费问题。”王伟说。

“2013年,我国车购税规模为2234亿元,一般税为1071亿元,而公路建设支出达13692亿元,税收缺口高达10387亿元;燃油税转移支付仅为1443亿元,普通公路养护税收缺口高达1357亿元。”王伟表示,未来收费公路的养护管理、债务偿还,包括社会资本投资回收等,需要通过继续征收通行费予以保证。

在收税与收费之间,交通运输部倾向于后者,即“用路者付费”。按此路径,自然延伸出“在现有基础上延长收费期限,实行长期收费”的政策。五问:

五问:

为何实行统借统还、养护期收费?

统借统还可增强筹资还债能力,降低政府性债务风险;养护期资金用财政收入或税收支付不现实

实行统借统还、养护期收费,原因何在,依据何存?

先看统借统还。

此前,我国收费公路中,既有单一公路建设项目自收自支、实行独立核算,也有多个项目共同核算,即“统借统还”。根据现行《条例》,政府还贷公路“可以”统贷统还;而《修订稿》则明确,政府收费高速公路一律统借统还。这意味着,将来在一省范围内,只要一条高速公路尚未还清债务,其他路段均将一并按偿债期标准收费。同时,若高速路改扩建增加了政府债务或社会投资,还可重新核定偿债期或经营期。

“以省为单位对高速公路实行统收统支、统一管理,可降低政府收费公路的融资和运营成本,增强政府偿债能力,降低政府性债务风险。”交通运输部法制司副司长魏东认为,路段独立核算也会影响路网整体性及通行效率。

那么,统借统还依据何在?张柱庭表示,首先,《公路法》规定,收费期限按收费偿还贷款、集资款的原则确定,“贷款肯定要还完”;43号文也提出,地方政府应指导和督促拓宽偿债资金渠道、统筹安排偿债资金,“这里的‘统筹安排’为统借统还提供了依据。”

再看养护期收费。

“最初收费公路政策更多考虑了收费还贷,建成后把本息还完后即停止收费,通过财政资金应对养护需求。但当收费公路达到现在的规模后,再考虑用财政收入或燃油税来支付,已经不太现实。”发改委综合交通所研究员李玉涛表示。

养护期收费于法有据吗?

张柱庭表示,根据《预算法》,预算包括一般公共预算、政府性基金预算等,一般公共预算支出主要用于一般公共服务,如科教文卫体、农业环保等方面,而政府性基金预算则是依照法律法规规定在一定期限内向特定对象筹集的资金,专项用于特定公共事业发展,“结合高速公路选择性通行的特性,其养护管理费用属于政府性基金预算完成的任务。本次修订是对《预算法》的补充和细化,是有上位法依据的。”

收费公路政策变迁过程

●1984年

1月1日,广深高速[1.36% 资金 研报]上的中堂、江南两大桥收费站正式收费,成为中国最早的收费站。同年,国务院第54次常务会作出“贷款修路、收费还贷”的重要决定。12月21日,中国大陆首条收费高速公路—上海至嘉定高速公路开工。

●1988年

交通部、财政部等联合发布《贷款修建高速登记公路和大型公路桥梁、隧道收取车辆通行费规定》,这是国家第一次明确收费公路政策的目的、收费标准、收入使用管理等。

●1993年

中共十四届三中全会后,收费公路融资渠道和手段进一步多元化,逐步形成国家投资、地方集资、社会融资、利用外资等公路建设投融资发展模式。

●1997年

《中华人民共和国公路法》颁布实施,对收费公路的发展和管理作出全面规定。

●2003年

交通部印发《公路收费站点清理整顿指导意见》,全国各地先后撤销公路收费站点1200多个。

●2004年

8月,国务院颁布《中华人民共和国收费公路管理条例》规定东部地区不再允许新建二级收费公路,提出不同地区不同类型收费公路最长收费年限,并首次明确提出“统贷统还”制度。

●2009年

国务院决定自2009年1月1日起实施成品油税费改革,逐步取消政府还贷二级公路收费。

●2012年

沪嘉高速公路于2012年1月1日起停止收费,调整为城市快速路,并按照标准实施改造。同年7月24日出台《重大节日免收小型客车通行费实施方案》。

http://finance.ifeng.com/a/20150820/13921117_0.shtml
http://infopub.sgx.com/FileOpen/Cancella...eID=366080

CONVERTIBLE BONDS DUE 2017 -

CANCELLATION OF BONDS DUE TO CONVERSION

The board of directors (the “Board”) of China Merchants Holdings (Pacific) Limited (the “Company”) wishes to announce that HK$11,000,000 in aggregate principal amount of HK$1,163,000,000 1.25 per cent. convertible bonds due 2017 (credit enhanced until 2015) (the “Convertible Bonds”) have been converted and cancelled pursuant to the exercise of conversion rights by the holder thereof (the “Conversion”). Accordingly, following such conversion and cancellation, the aggregate principal amount of the Convertible Bonds remaining outstanding as of 20 August 2015 is HK$369,000,000.

Arising from such conversion, 2,237,573 new ordinary shares in the capital of the Company (“Shares”) have been issued at the conversion price of S$0.776 and the total number of issued and paid-up Shares of the Company has increased to 1,190,246,925.

BY ORDER OF THE BOARD

Lim Lay Hoon

Company Secretary
Singapore, 20 August 2015

http://infopub.sgx.com/FileOpen/Cancella...eID=366381

CHINA MERCHANTS HOLDINGS (PACIFIC) LIMITED

(Incorporated in the Republic of Singapore)

Company Registration No. 198101278D

ANNOUNCEMENT

CONVERTIBLE BONDS DUE 2017 -

CANCELLATION OF BONDS DUE TO CONVERSION

The board of directors (the “Board”) of China Merchants Holdings (Pacific) Limited (the “Company”) wishes to announce that HK$10,000,000 in aggregate principal amount of HK$1,163,000,000 1.25 per cent. convertible bonds due 2017 (credit enhanced until 2015) (the “Convertible Bonds”) have been converted and cancelled pursuant to the exercise of conversion rights by the holder thereof (the “Conversion”). Accordingly, following such conversion and cancellation, the aggregate principal amount of the Convertible Bonds remaining outstanding as of 21 August 2015 is HK$359,000,000.

Arising from such conversion, 2,034,158 new ordinary shares in the capital of the Company (“Shares”) have been issued at the conversion price of S$0.776 and the total number of issued and paid-up Shares of the Company has increased to 1,192,281,083.

BY ORDER OF THE BOARD

Lim Lay Hoon

Company Secretary
Singapore, 21 August 2015

Based on outstanding HK$359m worth of CBs, the potential shares to be converted at $0.776 is 73.026m.
With the sharp drop today, we should be happy that cmhp parent co is underwriting this round of cash injection :Smileaha
There are many that are worried that CMP's PO will be canned under current mkt conditions.

CMP will be trading xd interim 3.5 cents on 24 Aug with the dividends payable on 4 Sept 15.

This is the first time in a decade that shareholders are receiving their dividends early. This should also be viewed that CMP will proceed with the proposed acquisitions especially in the light of how the PO is being structured.

Obviously, Mr Market will have other thoughts in terms of mkt behaviour but I strongly believe that CM Huajian will steadfastly stand with the PO and eventually ended up with approximately 76% stake of the enlarged share cap.

Vested
Core
GG
(22-08-2015, 10:25 PM)greengiraffe Wrote: [ -> ]There are many that are worried that CMP's PO will be canned under current mkt conditions.

CMP will be trading xd interim 3.5 cents on 24 Aug with the dividends payable on 4 Sept 15.

This is the first time in a decade that shareholders are receiving their dividends early. This should also be viewed that CMP will proceed with the proposed acquisitions especially in the light of how the PO is being structured.

Obviously, Mr Market will have other thoughts in terms of mkt behaviour but I strongly believe that CM Huajian will steadfastly stand with the PO and eventually ended up with approximately 76% stake of the enlarged share cap.

Vested
Core
GG

wow.. I didn't even realize their xd is tml. thought it was in oct. Been too busy with my new work recently, thanks for the update GG. I did add a little again recently at $1 and $0.94, The risks are there with jiurui volume so disappointing and if they are unable to turnaround the new lost making toll, I think it might be difficult to maintain the 7c delicious with the enlarge shares..
(23-08-2015, 05:01 PM)Jack31 Wrote: [ -> ]
(22-08-2015, 10:25 PM)greengiraffe Wrote: [ -> ]There are many that are worried that CMP's PO will be canned under current mkt conditions.

CMP will be trading xd interim 3.5 cents on 24 Aug with the dividends payable on 4 Sept 15.

This is the first time in a decade that shareholders are receiving their dividends early. This should also be viewed that CMP will proceed with the proposed acquisitions especially in the light of how the PO is being structured.

Obviously, Mr Market will have other thoughts in terms of mkt behaviour but I strongly believe that CM Huajian will steadfastly stand with the PO and eventually ended up with approximately 76% stake of the enlarged share cap.

Vested
Core
GG

wow.. I didn't even realize their xd is tml. thought it was in oct. Been too busy with my new work recently, thanks for the update GG. I did add a little again recently at $1 and $0.94, The risks are there with jiurui volume so disappointing and if they are unable to turnaround the new lost making toll, I think it might be difficult to maintain the 7c delicious with the enlarge shares..

Yo Jack,

Based on acquisition documents, Jiurui is a 2017 story, ie WIP.

Cheers
GG